10 July 2012
The Bangladesh government has said that it will start construction of the Padma Bridge primarily with its own resources, following the World Bank’s cancellation of its funding commitment.
Bangladesh will also be looking for other sources of funding.
The decision came yesterday in the weekly meeting of the cabinet with prime minister Sheikh Hasina in the chair. She has instructed the ministries to be selective in implementing other projects, with the aim of saving some money this year that can be channelled to the bridge.
Japan has told Bangladesh that it thinks that the Padma bridge project could be undertaken under a new framework of donor arrangement now as the World Bank has cancelled its funding commitment.
Finance minister A M A Muhith urged the country’s development partners to review the World Bank’s decision to scrap the US$1.2 billion credit for the Padma Bridge project.